U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 03-04-2009, 02:18 PM
 
289 posts, read 926,175 times
Reputation: 85
MGM Mirage might face bankruptcy filing

By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL

MGM Mirage, the Strip's biggest casino operator and the state's largest private employer, could be facing a bankruptcy filing if it can't renegotiate better repayment terms with its lenders covering some $7 billion in loans.

In a filing Tuesday with the Securities and Exchange Commission, the company that operates 10 Strip resorts and is building the massive $9.1 billion CityCenter, said it was discussing various waivers or amendments with its lenders.

MGM Mirage said it would be in default under its senior secured credit facility if it can not negotiate a better repayment structure. The action could filter down and put all of MGM Mirage's debt, which totals roughly $13.5 billion, into default.

In the filing, the company blamed the recession and the steep drop in consumer spending at casinos for its concerns about not being able to make its debt payments.


full article:
ReviewJournal.com - Breaking News - MGM Mirage might face bankruptcy filing
Quick reply to this message

 
Old 03-04-2009, 03:09 PM
 
Location: Las Vegas (Huntridge)
1,158 posts, read 3,058,054 times
Reputation: 269
i know you enjoy the misfortunes of others, but sorry....someone beat you to the punch on this:

Will greed be their downfall?
Quick reply to this message
 
Old 03-04-2009, 04:46 PM
 
Location: Here and there, you decide.
11,595 posts, read 22,718,975 times
Reputation: 3898
Quote:
Originally Posted by dude66 View Post
MGM Mirage might face bankruptcy filing

By HOWARD STUTZ
LAS VEGAS REVIEW-JOURNAL

MGM Mirage, the Strip's biggest casino operator and the state's largest private employer, could be facing a bankruptcy filing if it can't renegotiate better repayment terms with its lenders covering some $7 billion in loans.

In a filing Tuesday with the Securities and Exchange Commission, the company that operates 10 Strip resorts and is building the massive $9.1 billion CityCenter, said it was discussing various waivers or amendments with its lenders.

MGM Mirage said it would be in default under its senior secured credit facility if it can not negotiate a better repayment structure. The action could filter down and put all of MGM Mirage's debt, which totals roughly $13.5 billion, into default.

In the filing, the company blamed the recession and the steep drop in consumer spending at casinos for its concerns about not being able to make its debt payments.


full article:
ReviewJournal.com - Breaking News - MGM Mirage might face bankruptcy filing

Have you ever posted anything POSITIVE about this city?
Quick reply to this message
 
Old 03-04-2009, 05:22 PM
 
515 posts, read 1,021,926 times
Reputation: 405
Why are there so many whiners about negative news here? You are not where you live. Don't take it so personally. That kind of tribalism only makes the community look bad.
Quick reply to this message
 
Old 03-04-2009, 05:29 PM
 
364 posts, read 863,939 times
Reputation: 245
Yeah, I posted the "Greed" thread. I'm also one of the hundreds of people whose jobs were eliminated at MGM MIRAGE. My thread basically asked if greed - the building and/or acquisition of many casinos - were to blame for the massive debt these casinos have amassed and whether de-consolidation or the selling of assets may be key to their financial trouble.

On the flip side, though, if MGM MIRAGE didn't expand in the first place, then I may not have had the job I had with the company. My time with MGM MIRAGE was the happiest time of my professional life (thus far) and would re-join the company in a quick minute if they had a job available for me.

I hope the company works out their financial difficulty as the people there really do care about their employees.
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Nevada > Las Vegas
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top